Duyuru • Nov 14
Elemental Altus Royalties Corp. (TSXV:ELE) completed the acquisition of EMX Royalty Corporation (TSXV:EMX). Elemental Altus Royalties Corp. (TSXV:ELE) entered into a definitive agreement to acquire EMX Royalty Corporation (TSXV:EMX) for approximately CAD 640 million on September 4, 2025. Concurrently with and in support of the Transaction, Tether Investments S.A. de C.V. ("Tether") and Elemental Altus have entered into a subscription agreement dated September 4, 2025 (the "Tether Subscription Agreement") pursuant to which, among other things, Tether has agreed to purchase approximately 75 million Elemental Altus Shares at a price of C$1.84 per share.
Upon completion of the Transaction, the Merged Company will be renamed Elemental Royalty Corp. and listed on the TSX Venture Exchange under the ticker "ELE". The Board of Directors will include three representatives from Elemental Altus and two from EMX, with Juan Sartori continuing as Executive Chairman and David Cole as CEO, while Frederick Bell will be President and COO. The headquarters will remain in Vancouver, British Columbia. Existing Elemental Altus and former EMX shareholders are expected to own approximately 51% and 49% of the Merged Company, respectively, on a basic basis. A special committee will consist solely of independent directors of EMX.
The Transaction will require the approval of at least 66 2/3% of the votes cast at a special meeting of shareholders of EMX (the "EMX Special Meeting"), if, and to the extent, required under applicable Canadian securities laws, a majority of the votes cast at a the EMX Special Meeting, excluding the votes attached to EMX Shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holder in Special Transactions. In addition, the transaction is subject to court approval, approval of the EMX shareholders, approval of the Elemental Altus shareholders for the Tether Concurrent Financing, TSX-V, regulatory and court approvals and other customary closing conditions for Transactions. Further, the completion of the Transaction is subject to the conditional approval of the listing of the Elemental Altus Shares on a US stock exchange. The Board of Directors of Elemental Altus has unanimously approved the Transaction and recommends that the shareholders of Elemental Altus vote in favour of the Elemental Altus Resolutions. The Supreme Court of British Columbia has granted an interim order for the transaction which authorizes EMX to proceed with the upcoming special meeting and other meeting-related matters. The Transaction is expected to close in the fourth quarter of 2025. Termination fee payable under certain circumstances is CAD 15.8 million. On November 4, 2025, EMX Royalty shareholders approved the transaction. The expected completion of the transaction is in mid-November. As of November 10, 2025, EMX received court approval for arrangement with Elemental Altus. As of November 12, 2025, it was announced that the transaction is expected to close in November.
National Bank Financial, Inc. is acting as financial advisor, Fasken Martineau DuMoulin LLP is acting as legal advisor and Greenberg Traurig, LLP, is acting as U.S. legal counsel to Elemental Altus. GenCap Mining Advisory Ltd. served as fairness opinion provider to the Elemental Altus Board of Directors. CIBC World Markets Inc. is acting as financial advisor to EMX. CIBC World Markets Inc. is acting as a fairness opinion provider to the EMX Board of Directors. Haywood Securities Inc. is acting as financial advisor to the EMX Special Committee and Haywood Securities Inc. is acting as a fairness opinion provider to the EMX Special Committee. Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to EMX. Crowell & Moring LLP is acting as U.S. legal advisor to EMX. Blake, Cassels & Graydon LLP is acting as legal advisor to the EMX Special Committee. The Laurel Hill Advisory Group LLC acted as information agent to EMX.
Elemental Altus Royalties Corp. (TSXV:ELE) completed the acquisition of EMX Royalty Corporation (TSXV:EMX) on November 13, 2025. Buy Or Sell Opportunity • Oct 15
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 79% to US$5.11. The fair value is estimated to be US$4.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 94% to US$5.15. The fair value is estimated to be US$4.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Duyuru • Sep 05
Elemental Altus Royalties Corp. (TSXV:ELE) agreed to acquire EMX Royalty Corporation (TSXV:EMX) for approximately CAD 640 million. Elemental Altus Royalties Corp. (TSXV:ELE) entered into a definitive agreement to acquire EMX Royalty Corporation (TSXV:EMX) for approximately CAD 640 million on September 4, 2025. Concurrently with and in support of the Transaction, Tether Investments S.A. de C.V. ("Tether") and Elemental Altus have entered into a subscription agreement dated September 4, 2025 (the "Tether Subscription Agreement") pursuant to which, among other things, Tether has agreed to purchase approximately 75 million Elemental Altus Shares at a price of C$1.84 per share.
Upon completion of the Transaction, the Merged Company will be renamed Elemental Royalty Corp. and will be listed on the TSX Venture Exchange under the ticker "ELE". The Board of Directors will be comprised of three representatives from Elemental Altus and two representatives from EMX. Juan Sartori will continue as Executive Chairman and David Cole will serve as Chief Executive Officer of the Merged Company, while Frederick Bell will assume the role of President and Chief Operating Officer. Headquartered of the merged entity will remain in Vancouver, British Columbia.
The Transaction will require the approval of at least 66 2/3% of the votes cast at a special meeting of shareholders of EMX (the "EMX Special Meeting"), if, and to the extent, required under applicable Canadian securities laws, a majority of the votes cast at a the EMX Special Meeting, excluding the votes attached to EMX Shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holder in Special Transactions. In addition, it is subject to court approval, approval of the EMX shareholders, completion of the Transaction is subject to approval of the Elemental Altus shareholders for the Tether Concurrent Financing, TSX-V, regulatory and court approvals and other customary closing conditions for Transactions. Further, the completion of the Transaction is subject to the conditional approval of the listing of the Elemental Altus Shares on a US stock exchange. The Board of Directors of Elemental Altus has unanimously approved the Transaction and recommends that the shareholders of Elemental Altus vote in favour of the Elemental Altus Resolutions. The Transaction is expected to close in the fourth quarter of 2025.
Upon completion of the Transaction, including the Tether Concurrent Financing, existing Elemental Altus and former EMX shareholders are expected to own approximately 51% and 49% of the Merged Company, respectively, on a basic basis. Special committee will be comprised solely of independent directors of EMX.
National Bank Financial, Inc. is acting as financial advisor, Fasken Martineau DuMoulin LLP is acting as legal advisor and Greenberg Traurig, LLP, is acting as U.S. legal counsel to Elemental Altus. GenCap Mining Advisory Ltd. served as fairness opinion provider to the Elemental Altus Board of Directors.
CIBC World Markets Inc. is acting as financial advisor to EMX. CIBC World Markets Inc. is acting as a fairness opinion provider to the EMX Board of Directors. Haywood Securities Inc. is acting as financial advisor to the EMX Special Committee and Haywood Securities Inc. is acting as a fairness opinion provider to the EMX Special Committee. Cassels Brock & Blackwell LLP is acting as Canadian legal advisor to EMX. Crowell & Moring LLP is acting as U.S. legal advisor to EMX. Blake, Cassels & Graydon LLP is acting as legal advisor to the EMX Special Committee. New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 0.5% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: US$0.006 (vs US$0.036 loss in 2Q 2024) Second quarter 2025 results: EPS: US$0.006 (up from US$0.036 loss in 2Q 2024). Revenue: US$6.24m (up 3.9% from 2Q 2024). Net income: US$642.0k (up US$4.66m from 2Q 2024). Profit margin: 10% (up from net loss in 2Q 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 09
Avesoro Morocco LTD acquired EMX Morocco Corp. from EMX Royalty Corporation (TSXV:EMX) for $0.65 million. Avesoro Morocco LTD agreed to acquire EMX Morocco Corp. from EMX Royalty Corporation (TSXV:EMX) for $0.65 million on March 19, 2025. A cash consideration of $0.65 million will be paid by Avesoro Morocco LTD. Avesoro will fully fund the alliance activities, which will include the advancement of certain projects in the EMX Moroccan portfolio, as well as new projects identified by the alliance for acquisition. Under the Agreement, Avesoro will acquire EMX’s operating entity in Morocco (“EMX Corp Morocco”, a wholly owned subsidiary of EMX) that currently domiciles EMX’s exploration projects and its Moroccan exploration staff. Projects slated for advancement under the alliance will be initially designated as Alliance Exploration Projects (“AEP’s”). These will be funded from an annual budget agreed upon by Avesoro and EMX. Once a project reaches an appropriate stage of advancement, it can be converted to a Designated Project (“DP”) and advanced from an independent pool of funding provided by Avesoro. At the end of the alliance term, any AEP’s that have not become DP’s will revert to EMX. The key conditions precedent for closing have now been completed.
Avesoro Morocco LTD completed the acquisition of EMX Morocco Corp. from EMX Royalty Corporation (TSXV:EMX) on July 8, 2025. Duyuru • Jun 03
First Nordic Metals Corp. (TSXV:FNM) agreed to acquire Nordic Business Unit of EMX Royalty Corporation for 3.25 million SEK. First Nordic Metals Corp. (TSXV:FNM) agreed to acquire Nordic Business Unit of EMX Royalty Corporation for 3.25 million SEK on May 30, 2025. 3.25 million SEK are payable in equal parts of cash and First Nordic common shares, which consists of 1.05 million SEK paid upon closing, 1.20 million SEK paid on the first anniversary of the agreement and 1.00 million SEK paid on the second anniversary of the agreement. The transaction remains subject to TSXV approval. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: US$0.012 (vs US$0.02 loss in 1Q 2024) First quarter 2025 results: EPS: US$0.012 (up from US$0.02 loss in 1Q 2024). Revenue: US$8.42m (up 35% from 1Q 2024). Net income: US$1.26m (up US$3.49m from 1Q 2024). Profit margin: 15% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 24
EMX Royalty Corporation, Annual General Meeting, Jun 02, 2025 EMX Royalty Corporation, Annual General Meeting, Jun 02, 2025. Location: british columbia, vancouver Canada Reported Earnings • Mar 13
Full year 2024 earnings released: US$0.029 loss per share (vs US$0.042 loss in FY 2023) Full year 2024 results: US$0.029 loss per share (improved from US$0.042 loss in FY 2023). Revenue: US$27.4m (up 3.1% from FY 2023). Net loss: US$3.29m (loss narrowed 29% from FY 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Duyuru • Feb 05
EMX Royalty Corporation Announces Stepping Down of Chris Wright from Board EMX Royalty Corporation announced confirmation of EMX board member, Mr. Chris Wright, as U.S. Secretary of Energy under President Donald Trump. Mr. Wright was confirmed as Secretary on February 3, 2025 in a bipartisan vote in the U.S. Senate and will now join the Cabinet of the United States in Washington, D.C. Mr. Wright is known for his innovations and entrepreneurial contributions to the energy sector, but also for his focus on humanitarian efforts such as co-founding the Bettering Human Lives Foundation. He has been a spirited contributor at EMX board meetings and management discussions. As a consequence of his confirmation, Mr. Wright will step down from the board of EMX. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: US$0.01 (vs US$0.022 in 3Q 2023) Third quarter 2024 results: EPS: US$0.01 (down from US$0.022 in 3Q 2023). Revenue: US$7.03m (down 46% from 3Q 2023). Net income: US$1.19m (down 51% from 3Q 2023). Profit margin: 17% (down from 19% in 3Q 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Oct 06
President recently bought US$303k worth of stock On the 3rd of October, David Cole bought around 200k shares on-market at roughly US$1.51 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Reported Earnings • Aug 13
Second quarter 2024 earnings released: US$0.036 loss per share (vs US$0.043 loss in 2Q 2023) Second quarter 2024 results: US$0.036 loss per share (improved from US$0.043 loss in 2Q 2023). Revenue: US$6.01m (up 76% from 2Q 2023). Net loss: US$4.02m (loss narrowed 15% from 2Q 2023). Revenue is forecast to grow 1.7% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 30
Chief Geologist recently sold US$184k worth of stock On the 28th of May, David Johnson sold around 90k shares on-market at roughly US$2.04 per share. This transaction amounted to 9.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$373k more than they bought in the last 12 months. New Risk • May 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 54% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Significant insider selling over the past 3 months (US$94k sold). Reported Earnings • May 13
First quarter 2024 earnings released: US$0.02 loss per share (vs US$0.034 loss in 1Q 2023) First quarter 2024 results: US$0.02 loss per share (improved from US$0.034 loss in 1Q 2023). Revenue: US$6.24m (up 128% from 1Q 2023). Net loss: US$2.23m (loss narrowed 40% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Chris Wright was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 30
EMX Royalty Corporation Announces Board Changes EMX Royalty Corporation announced the appointment of Mr. Dawson Brisco and Mr. Chris Wright as independent directors to the Board effective immediately. Mr. Brisco is a Professional Geologist with 20 years of mining industry and business development experience in a variety of roles in the bulk commodity, metals and energy sectors. Mr. Brisco is currently the President and CEO of Morien Resources Corp., a Canadian mining royalty company specialized in bulk commodities, a position he has held since 2018. Prior to joining Morien, Mr. Brisco held numerous senior business development and technical roles including senior manager of an exploration alliance with Xstrata in Asia from 2005 to 2010. Mr. Brisco is an independent Director of the Mining Association of Nova Scotia and holds an Honours Bachelor of Science degree in Geology from Saint Mary's University in Halifax, Nova Scotia. Mr. Wright serves as Chief Executive Officer and Chairman of the Board of Liberty Energy. Mr. Wright is a dedicated humanitarian with a passion for bringing the benefits of energy to every community in the world. This passion has inspired a career in energy working not only in oil and gas but nuclear, solar, and geothermal. Mr. Wright embraces all sources of energy if they are abundant, affordable, and reliable. Mr. Wright completed an undergraduate degree in Mechanical Engineering at MIT and graduate work in Electrical Engineering at both UC Berkeley and MIT. Mr. Wright founded Pinnacle Technologies and served as CEO from 1992 to 2006. Pinnacle created the hydraulic fracture mapping industry and its innovations helped launch commercial shale gas production in the late 1990s. Mr. Wright was Chairman of Stroud Energy, an early shale gas producer, before its sale to Range Resources in 2006. Additionally, Mr. Wright founded and served as Executive Chairman of Liberty Resources and Liberty Midstream Solutions until its sale in 2024. He also sits on the Board of Directors for Urban Solutions Group, and the Federal Reserve Bank, Denver Branch. In addition to his role at Liberty Energy, Mr. Wright serves on the board of numerous organizations and nonprofits, including a founding board member of the Bettering Human Lives Foundation. Duyuru • Apr 20
EMX Royalty Corporation, Annual General Meeting, Jun 28, 2024 EMX Royalty Corporation, Annual General Meeting, Jun 28, 2024. Reported Earnings • Mar 25
Full year 2023 earnings released: US$0.042 loss per share (vs US$0.031 profit in FY 2022) Full year 2023 results: US$0.042 loss per share (down from US$0.031 profit in FY 2022). Revenue: US$26.6m (up 46% from FY 2022). Net loss: US$4.63m (down 238% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Duyuru • Jan 05
Lumira Energy Limited agreed to acquire Sagvoll and Meråker projects in Norway from EMX Royalty Corporation (TSXV:EMX). Lumira Energy Limited agreed to acquire Sagvoll and Meråker projects in Norway from EMX Royalty Corporation (TSXV:EMX) on January 3, 2024. In related transaction Lumira Energy Limited acquires Copperhole Creek project in Queensland Australia. Lumira will vest a 100% interest in the Projects, by granting to EMX; a cash payment of AUD 0.05 million. A 2.5% NSR royalty interest on each project; Annual advance royalty payments of AUD 0.035 million per project per year commencing upon the second anniversary of the IPO, with the AAR payments escalating by 15% per year until reaching a maximum of AUD 0.1 million per year; Equity payments of AUD 0.15 million in shares of Lumira upon completion of the IPO along with the same number of options exercisable at a 50% premium to the IPO price for two years and an additional same number of options exercisable at a 100% premium to the IPO price for three years. An additional 0.75 million shares upon the first anniversary of the IPO. Milestone payments include AUD 0.25 million in cash upon completion of a Preliminary Economic Assessment and AUD 0.5 million in cash upon completion of a Prefeasibility Study. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: US$0.022 (vs US$0.12 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.022 (up from US$0.12 loss in 3Q 2022). Revenue: US$12.9m (up 79% from 3Q 2022). Net income: US$2.44m (up US$15.3m from 3Q 2022). Profit margin: 19% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Sep 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$88k free cash flow). Earnings have declined by 50% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Significant insider selling over the past 3 months (US$222k sold). Reported Earnings • Aug 18
Second quarter 2023 earnings released: US$0.043 loss per share (vs US$0.03 loss in 2Q 2022) Second quarter 2023 results: US$0.043 loss per share (further deteriorated from US$0.03 loss in 2Q 2022). Revenue: US$3.41m (down 52% from 2Q 2022). Net loss: US$4.72m (loss widened 42% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 15% per year. Duyuru • Aug 08
Kendrick Resources PLC (LSE:KEN) signed a sale and purchase agreement to acquire EV Metals AB from EMX Royalty Corporation (TSXV:EMX). Kendrick Resources PLC (LSE:KEN) signed a sale and purchase agreement to acquire EV Metals AB from EMX Royalty Corporation (TSXV:EMX) for SEK 19.6 million on August 7, 2023. Kendrick are acquiring EV Metals AB for SEK110,780 and the issue of 15 million 5 year options to EMX to acquire ordinary shares in the Company (Kendrick Shares) at 1.3 pence per Kendrick Share (EMX Options) which is at a premium of approximately 67% to Kendrick's closing share price on 4 August 2023 of 0.7750 pence. The EMX Options if exercised will allow EMX to increase its Kendrick shareholding. On or before 13 January 2024, the Company has to pay an annual advanced royalty of US$30,000 per project to EMX which increases by US$5,000 annually per Project ceasing upon the Commencement of Commercial Production ("Advance Royalty").; and on or before 13 May 2024 the Company has committed to one thousand meter drilling for each of the Swedish Nickel Projects and thereafter annually ceasing for a project on the date upon which the Company commissions a Pre-Feasibility Study on the project Royalty Agreement: The Parties shall at closing of the Acquisition enter into a royalty agreement under which a 3% net smelter royalty is payable to EMX on commercial production from any of the Swedish Projects. A 1% interest in this royalty may be bought back in stages for a total cash consideration of US$1,000,000 on or before the fifth anniversary of the date of the Royalty Agreement. For the year ended 31 December 2022, EV Metals AB made an audited profit of SEK343,630. Reported Earnings • May 16
First quarter 2023 earnings released: US$0.034 loss per share (vs US$0.18 profit in 1Q 2022) First quarter 2023 results: US$0.034 loss per share (down from US$0.18 profit in 1Q 2022). Revenue: US$2.74m (up 55% from 1Q 2022). Net loss: US$3.73m (down 120% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: CA$0.031 (vs CA$0.27 loss in FY 2021) Full year 2022 results: EPS: CA$0.031 (up from CA$0.27 loss in FY 2021). Revenue: CA$18.3m (up 143% from FY 2021). Net income: CA$3.35m (up CA$27.1m from FY 2021). Profit margin: 18% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 17
EMX Royalty Corporation to Provide an Update on the Advancement of Its 100% Owned Yarrol Project in Queensland, Australia EMX Royalty Corporation to provide an update on the advancement of its 100% owned Yarrol Project in Queensland, Australia. The Yarrol Project contains zones of gold and copper mineralization in addition to areas with cobalt-enriched manganese oxide mineralization and heavy mineral sands deposits. A recently executed reconnaissance drill program targeted all three styles of mineralization. Analytical results from a drill hole in the core of the historically defined zone of gold mineralization are highlighted by an intercept of 17.8 meters averaging 4.01 g/t gold from 61 meters in drill hole DD22-YA1871. A second hole (DD22-YA188) intersected multiple intervals of gold mineralization including 12 meters at 0.91 g/t gold from 92 meters. These holes were intended to confirm the nature of the gold mineralization that have been historically mined and explored at Yarrol. It is notable that the selected sample intervals from both drill holes began and ended in gold mineralization, and additional intervals will be sampled and analyzed from both holes. Drill holes DD22-YA187 and DD22-YA188 were drilled as part of a 15 hole program, with two deeper core holes in the zones of gold mineralization and 13 shallow diamond and air core holes targeting the manganese-cobalt mineralization and mineral sands. EMX expects to receive additional analytical results for the manganese-cobalt mineralization and mineral sands deposits in the coming weeks. Results from those drill holes will be discussed in a separate disclosure. The Yarrol Project is currently available for partnership, in accordance with the royalty generation aspect of EMX's business model. Yarrol Project. The 55,900 Ha Yarrol Project is located between EMX's Queensland Gold project and Evolution Mining's Mt Rawdon gold mine, and is positioned along the regional scale Yarrol Fault zone. Several other historical mines and active exploration projects also lie along the Yarrol Fault structural trend. Yarrol was the site of historical gold mining activities in the 1800's through the 1930's, with historical gold production averaging ~10 g/t.3 Further exploration and assessments conducted in the 1980's and 1990's led to the definition of two historical gold resources. Gold mineralization at Yarrol is present as quartz sulfide veins and zones of silicification developed in and around Permian-aged dioritic intrusions as confirmed in holes DD22-YA187 and DD22-YA188. In late 2021, while conducting exploration programs to expand the known zones of gold mineralization, EMX geologists encountered zones of cobalt-enriched manganese oxide mineralization on the northern side of the Project area. This led to an expansion of the land position, as well as new exploration programs targeting the manganese and cobalt mineralization. Surface sampling programs demonstrated that the zones of manganese oxide mineralization encountered in the field consistently averaged over 1% cobalt, accompanied by enrichments in both nickel and copper. Duyuru • Jan 20
EMX Royalty Corporation Provides an Update on the Diablillos Royalty Property in Argentina EMX Royalty Corporation provide an update on advances at the Diablillos royalty property in Argentina. The Diablillos silver- gold project is being advanced by AbraSilver Resource Corp. EMX's interest in the Property consists of a 1% net smelter return royalty and a pre-production payment. AbraSilver's ongoing 15,000 meter, Phase III diamond drill program continues to expand and delineate the Southwest Zone (JAC target) discovery with near-surface, high-grade oxide intercepts such as 40 meters averaging 203 g/t silver starting at 114 meters in hole DDH-22-060, and 103 meters averaging 139 g/t silver starting at 65 meters and including 9.0 meters averaging 477 g/t silver and 0.23 g/t gold in hole DDH-22-061 The Southwest Zone (JAC) provides significant exploration upside to increase the mineral resources of the Property. The JAC target is located along trend to the southwest of Oculto resource deposit, which had been the previous focus of exploration. AbraSilver announced an updated mineral resource estimate for Oculto reported at a 35 g/t silver equivalent2 cutoff that included measured and indicated resources of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au) in Fourth Quarter of 2022.3 AbraSilver expects a maiden mineral resource estimate for the Southwest Zone (JAC) in the first half of 2023. The Diablillos Royalty Property provides an example of an EMX royalty acquisition with significant exploration and development optionality resulting from early-stage advancements by the project operator. These advancements create value at no additional cost to EMX. The high-grade nature of the mineralization and exploration potential of multiple targets are particularly compelling upside aspects of the Property. Royalty Property Summary. Diablillos is a high-sulfidation epithermal silver-gold project located in the Puna region of Salta Province, Argentina. Mineralization is hosted in Tertiary volcanic and sedimentary rocks. As a precursor to the current Phase III program, AbraSilver's 20,000-meter, Phase II drill program resulted in: multiple, near-surface high-grade silver-gold (Ag-Au) intercepts, expansion of the mineralized zones at Oculto, in-fill of Oculto's high grade Tesoro Zone, and d) the discovery of the Southwest Zone's JAC target from a 500-meter step out reconnaissance hole. According to AbraSilver, a number of these intercepts are among the best drill results reported for primary silver projects over the last two years.6 Furthermore, the JAC discovery and Oculto Northeast Zone combine to extend the total strike length of gold-silver mineralization to over two kilometers, which remains open for further expansion. The Oculto open pit constrained mineral resource update was reported at a 35 g/t silver equivalent cutoff for oxide and transition material as:7 (refer to AbraSilver`s November 3, 2022 news release and Technical Report): Measured of 19.3 Mtonnes averaging 98 g/t silver (60.6 Moz contained Ag) and 0.88 g/t gold (544 Koz contained Au), Indicated of 31.0 Mtonnes averaging 47 g/t silver (48.7 Moz contained Ag) and 0.73 g/t gold (752 Koz contained Au), and Inferred of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au). Overall, the updated measured and indicated resources resulted in a 22% increase in contained silver and 29% increase in contained gold from the 2021 resource estimate. There was a 135% increase in measured resource tonnage compared to the 2021 estimate, all of which is in the high-grade Tesoro Zone. Importantly, 94% of the measured and indicated resources are oxide material, reflecting the oxidized character of Oculto to depths of 300-400 meters from surface. Reported Earnings • Nov 17
Third quarter 2022 earnings released: CA$0.15 loss per share (vs CA$0.13 loss in 3Q 2021) Third quarter 2022 results: CA$0.15 loss per share (further deteriorated from CA$0.13 loss in 3Q 2021). Revenue: CA$9.34m (up CA$7.83m from 3Q 2021). Net loss: CA$16.3m (loss widened 50% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Sep 03
Executive Chairman of the Board recently sold US$57k worth of stock On the 25th of August, Michael Winn sold around 30k shares on-market at roughly US$1.92 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Reported Earnings • Aug 13
Second quarter 2022 earnings released: CA$0.038 loss per share (vs CA$0.042 loss in 2Q 2021) Second quarter 2022 results: CA$0.038 loss per share. Revenue: CA$8.95m (up 110% from 2Q 2021). Net loss: CA$4.13m (loss widened 15% from 2Q 2021). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: CA$0.22 (vs CA$0.052 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.22 (up from CA$0.052 loss in 1Q 2021). Net income: CA$23.5m (up CA$28.0m from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 127 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2021 earnings released: CA$0.33 loss per share (vs CA$0.072 loss in FY 2020) Full year 2021 results: CA$0.33 loss per share (down from CA$0.072 loss in FY 2020). Net loss: CA$29.7m (loss widened 395% from FY 2020). Over the next year, revenue is forecast to grow 247%, compared to a 15% growth forecast for the mining industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 140 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 15
Third quarter 2021 earnings released: CA$0.13 loss per share (vs CA$0.011 loss in 3Q 2020) Third quarter 2021 results: Net loss: CA$10.9m (loss widened CA$9.95m from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: CA$0.042 loss per share (vs CA$0.039 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: CA$4.26m (up 81% from 2Q 2020). Net loss: CA$3.58m (loss widened 9.1% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Board Change • Jul 31
High number of new directors Independent Director Sunny Lowe was the last director to join the board, commencing their role in 2021. Reported Earnings • May 19
First quarter 2021 earnings released: CA$0.052 loss per share (vs CA$0.026 profit in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: CA$1.30m (up 73% from 1Q 2020). Net loss: CA$4.42m (down 309% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 11
President recently sold US$475k worth of stock On the 9th of April, David Cole sold around 150k shares on-market at roughly US$3.17 per share. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Reported Earnings • Apr 01
Full year 2020 earnings released: CA$0.072 loss per share (vs CA$0.17 loss in FY 2019) Full year 2020 results: Net loss: CA$6.01m (loss narrowed 56% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 01
New 90-day high: US$3.35 The company is up 27% from its price of US$2.64 on 02 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 25% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: CA$0.011 loss per share Third quarter 2020 results: Net loss: CA$913.0k (loss narrowed 62% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Nov 17
New 90-day high: US$3.15 The company is up 9.0% from its price of US$2.88 on 18 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 8.0% over the same period.